IRVINE, CA / ACCESSWIRE / May 9, 2019 / PRO-DEX, INC. (NASDAQ: PDEX) today announced financial results for its fiscal 2019 third quarter ended March 31, 2019. The Company also filed its Quarterly Report on Form 10-Q for the third quarter of fiscal year 2019 with the Securities and Exchange Commission today.

Quarter Ended March 31, 2019

Net sales for the three months ended March 31, 2019 increased $1.4 million, or 25%, to $6.9 million from $5.5 million for the three months ended March 31, 2018, due to increased sales of our medical device products to our largest customer.

Gross profit for the three months ended March 31, 2019 increased $287,000, or 15%, to $2.3 million from $2.0 million for the same period in fiscal 2018.

Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended March 31, 2019 remained fairly constant compared to the same period in fiscal 2018.

Net income for the quarter ended March 31, 2019 was $732,000, or $0.17 per diluted share, compared to $480,000, or $0.11 per diluted share, for the corresponding quarter in fiscal 2018.

Nine Months Ended March 31, 2019

Net sales for the nine months ended March 31, 2019 increased $4.0 million, or 24%, to $20.2 million from $16.2 million for the nine months ended March 31, 2018, due primarily to increases in medical device product revenues to three significant distributors.

Gross profit for the nine months ended March 31, 2019 increased $1.7 million or 30% compared to the same period in fiscal 2018. The gross profit increase is directly related to our 24% increase in revenue and our ability to better absorb our fixed manufacturing costs.

Operating expenses (which include selling, general and administrative, and research and development expenses) for the nine months ended March 31, 2019 decreased 8% to $3.4 million from $3.7 million in the prior fiscal year’s corresponding period, because the prior year amounts included an asset impairment charge in the amount of $230,000, related to the Fineline goodwill and intangible assets, which did not recur in the current fiscal year.

Net income for the nine months ended March 31, 2019 was $3.3 million or $0.75 per diluted share compared to $1.5 million, or $0.34 per diluted share.

CEO Comments

Richard L. (”Rick”) Van Kirk, the Company’s President and Chief Executive Officer, commented, ”We are pleased with our third quarter and year-to-date results, expanding upon our multi-year momentum. We continue to reinvest and focus our growth on our core medical device product and service revenue. Our product development roadmap continues to offer us exciting opportunities to build upon our existing product offerings.”

About Pro-Dex, Inc.:

Pro-Dex, Inc. specializes in the design, development and manufacture of autoclavable, battery-powered and electric, multi-function surgical drivers and shavers used primarily in the orthopedic and maxocranial facial markets. We have patented adoptive torque-limiting software and proprietary sealing solutions which appeal to our customers, primarily medical device distributors. Pro-Dex also manufactures and sells rotary air motors to a wide range of industries. Pro-Dex’s products are found in hospitals and medical engineering labs around the world. For more information, visit the Company’s website at www.pro-dex.com.

Statements herein concerning the Company’s plans, growth and strategies may include ‘forward-looking statements’ within the context of the federal securities laws. Statements regarding the Company’s future events, developments and future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The Company’s actual results may differ materially from those suggested as a result of various factors. Interested parties should refer to the disclosure concerning the operational and business concerns of the Company set forth in the Company’s filings with the Securities and Exchange Commission.